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September 4, 2008
Nozzle Rage
Here's a funny video called Nozzle Rage from a website that wants to break up the OPEC cartel. That sounds like a good idea to me, as monopolies are supposed to be illegal, but you never hear anyone talking about breaking up OPEC. I'm not clear how much difference it will make, however, as the prices to seem to be subject to the free market forces.
The price of a barrel of light, sweet crude oil for October delivery fell to $107.89 on the New York Mercantile Exchange yesterday, down from a record high of $147.27 this summer.
"Crude has dropped about $38, or 26 percent, since surging to a record $147.27 a barrel on July 11, as a U.S. economic slowdown spreads overseas and curbs demand for petroleum products."
But I still like the video, and breaking up OPEC couldn't hurt, IMHO.
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Posted by Rob Kiser on September 4, 2008 at 12:06 PM
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